Rates for jumbo mortgages in Florida are very attractive today and makes the sunshine state's lifestyle that much better to live. Residents can enjoy sailing, water sports and much more.
However, since the prices of homes are high in many coastal communities of Florida, such as South Florida, and many other areas in between, jumbo loans are the predominant mortgage product among borrowers.
With the availability of special programs for self-employed without tax returns, second homes with low down payments (10-20 percent), jumbo refinance loans up to 90% of the home's value (depending on the county), or purchase mortgages with 10-20 percent down on jumbo loans from $529,001 and above, many borrowers are able to qualify for a Florida jumbo mortgage subject to credit, income, and job verification.
Homeowners that live close to the water (east of A1A) in Miami, Fort Lauderdale, the Keys, Ponte Verde Beach, west of Tamiami Trail in Naples, Sarasota, and Tampa; or South Walton county beaches understand the difference that .25% to .75% to the rate can make on their monthly payment, especially when you need to factor in the HOA payment on a high-rise condo or waterfront home.
Usually luxury homes with an oceanview, on the beach, or have direct access to water with a dock will have a value over $1 million dollars and require a super jumbo loan. A jumbo loan over one million fits into that category and you should have strong cash reserves and credit scores.
With jumbo loan interest rates at historically low levels, borrowers can choose from either 5, 7 & 10-Year Jumbo ARMs or the traditional longer-term fixed-rates products of 30 years.
Popular Loan Product - 90% LTV jumbo up to $2.5 million
Jumbo loan rates in Florida are very competitive with lower loan amounts and sometimes the same depending on the loan to value and/or credit score of the borrower.
The Panhandle-shaped state has many areas categorized as "high cost", due to its many attractions for U.S. residents and foreigners. Conventional loan limits range from $510,400 to $552,000. The median sales price of a region determines what is "high cost". Here are the expanded conforming loan limits for high-cost counties in Florida:
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